This is the first in a series of papers addressing interesting questions posed by our clients. In this case Nick Greenwood, Pension Fund Manager of The Royal County of Berkshire Pension Fund asked:  “Do highly concentrated portfolios perform better than more diversified ones?” He kindly posed a second question of equal interest and we will be covering that in a subsequent paper. If you would also like to suggest a topic of general interest we would be delighted to see if we could investigate it.